UPDATE 1-Indonesia's BRI takes majority stake in Bank Agro

* Bank Rakyat to buy 76 pct stake in Bank Agroniaga

* The deal aimed at expanding BRI agribusiness portfolio

* Bank Agroniaga stock rises 4 pct, BRI down 1 pct (Updates with details, quotes)

JAKARTA, Aug 20 (Reuters) - PT Bank Rakyat Indonesia (BRI) (BBRI.JK), the country's second-largest lender, said on Friday it is taking a majority stake in small plantation lender PT Bank Agroniaga (AGRO.JK) to increase its exposure to a growing agribusiness sector.

There may be further consolidation among Indonesia's over 100 banks after central bank pressure for lenders to increase their capital, with interest from domestic and foreign players to tap strong loan growth in Southeast Asia's biggest economy.

"This signals consolidation among local banks as small and mid-size banks struggle to increase their capital because not many shareholders sit on huge cash stockpiles and they are becoming prey for bigger banks or other investors," said Teguh Hananto, a banking analyst at PT Bahana Securities.

BRI, which has signed an agreement with the biggest shareholders of Bank Agroniaga, Dana Pensiun Perkebunan, to take over the bank, said the move was aimed at increasing exposure to plantations in the world's largest producer of palm oil.

"The acquisition will strengthen our position in the agribusiness sector," BRI said in a statement, without giving any financial details on the deal.

Bank Rakyat shares slipped 1 percent by 0423 GMT. Shares in Bank Agroniaga, which has a market cap of $69 million, climbed 4.4 percent, versus a 0.3 percent rise in the benchmark Jakarta index .JKSE.

Bank stocks have led a rally in Indonesia over the past 18 months as investors buy into resilient economic growth driven by domestic consumption and commodity exports, helping take the index up 22 percent this year to a record high this month. (Reporting by Janeman Latul; Editing by Neil Chatterjee)